Big cash splash on mansions

THERE is still movement at the top end of the market on the Glitter Strip, with several opulent mansions and luxury penthouses having changed hands in eye-watering deals this year.

The top multi-million-dollar sales in the first half of 2019 all came in above the $5 million mark, with a beachfront penthouse sitting in first place.

The $8.25 million deal, inked in February, marked the highest sale yet and is believed to be the top price ever paid for a beachfront apartment on the Gold Coast.

The sale of the two-storey Main Beach residence in the Sea boutique building knocked the $7.5 million sale of a waterfront mega-mansion from top spot. That six-bedroom house fetched $7.5 million in January.

Kollosche director Michael Kollosche said the top sales proved the Gold Coast had defied the broader market downturn.

“There’s a lot more buyer activity at the top end and the Gold Coast is in pretty good shape,” he said.

Mr Kollosche, who marketed the Main Beach penthouse, said buyer appetite for luxury apartments was stronger than ever. He did not expect the apartment to hold the accolade for long.

“There is limited amount of supply and we are seeing a lot of activity around that sort of product,” he said.

“Given the activity around, I think it will get knocked from first place, but it might retain top spot for apartments.”

Mr Kollosche also sold the three-bedroom apartment on level five of the Sea building, which ranked eighth in the top 10 list. Ray White Prestige agent Matt Gates said the big sales at the top end put the Gold Coast in a good position for a strong finish to the year.

“It’s certainly encouraging, with good quality inquiries from not just local buyers but interstate and overseas. There seems to be a real confidence in the top end of the market,” he said.

Ray White Sovereign Islands agent Edin Kara sold a mega-mansion in Parklane Tce for $6.3 million earlier this year, despite the cooler market conditions.

“We sold it within two to three weeks of listing it,” he said.

“We did have a fair bit of interest. It was just a matter of achieving the right price.”